MF1 Capital Lends $62M on Luxury Sea Breeze Tower in Coney Island
By Cathy Cunningham August 11, 2021 3:19 pm
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Rybak Development has landed a $61.5 million cash-out refinance for Sea Breeze Tower, its newly constructed multifamily asset in Coney Island, Brooklyn, Commercial Observer has learned.
MF1 Capital provided the debt, sources said.
The 20-story luxury rental building, at 271 Sea Breeze Avenue, boasts views of the ocean as well as New York City’s skyline. Sitting in close proximity to the Coney Island boardwalk and other popular attractions, the tower offers residents rooftop outdoor space, a fitness center, a children’s playroom and a 134-space parking garage.
Meridian Capital Group’s Israel Schubert, Jake Weinstein, Peter Martz and Scott Miller negotiated the debt. Officials at the brokerage declined to identify the lender.
“Rybak Development has extensive experience in the area, having transformed the southern Brooklyn skyline over the past 15 years,” Miller said, pointing to the asset’s location and accessibility and the strength of the sponsor in the deal as the highlights. “The combination of these three factors allowed Meridian to leverage our relationship with a New York City-based debt fund, who retired the existing construction loan and provided a structure that allows our client to lease-up the project, perform commercial buildouts, and provides ample liquidity for future class-A developments.”
The development benefits from the 421A tax abatement. An affordable housing lottery launched last October for 34 of the tower’s 114 apartments, according to New York YIMBY.
MF1 — a strategic partnership between CBRE Capital Markets, Limekiln Real Estate Investment Management and Berkshire Residential Investments — also provided a $37 million loan to Alchemy Ventures and RockCrest Holdings for their acquisition in a Kansas City, Mo., mixed-use, multifamily building in April, as first reported by CO.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
